Christie Preliminarily Pegs Hurricane Sandy Damage Cost at $29.4 Billion

Black Friday is about to take on a new meaning for the Garden State, Save Jerseyans.

The Christie Administration has just released its preliminary estimate of the cost of Hurricane Sandy-related damage in New Jersey:

$29.4 Billion.

It’s a sum roughly equal to one year of New Jersey’s state budget. “This preliminary number is based on the best available data, field observations and geographical mapping, and supported by expert advice from my Cabinet commissioners and an outside consulting company,” said Governor Chris Christie via press release.

Moreover, for those of your interested in exactly how they’ve arrived at this staggering number, the Administration explains how “[t]he preliminary cost estimate is inclusive of aid received to date and anticipated from federal sources including FEMA and the Small Business Administration. The estimate will likely be refined further to consider and include the long-term impact on the next tourism season, shifts in population, impact on real estate values and other factors.”

You can expect today’s news to further fuel the discussion of post-Sandy tax hikes (and tax relief) in the coming days and weeks… 

 

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